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Yes, I also like what I do, get to live in Denver, and it is relatively lucrative. But, it is a niche field in the oil & gas industry that's been declining since 2014. I'm grateful for every year that I'm still able to work in the field...but realistic about the fact that it might not last...

hehehe, that's a first world problem for sure. Good for him!

VicBee, good points, all of them. In the words of Billie Holliday, "them that gots shall get. them that's not shall lose." To answer the OP's original question, though, if it's a matter of choosing between building a normal career versus trying to trade full-time to grow $100K into $1MM in...

This is an interesting thread. I have a friend who retired to Steamboat several years ago at the age of 43. He was an analyst for a large mutual fund company in Denver. No kids. Probably had $3-5 million liquid when he retired. He continues to manage his portfolio as his primary...

Thanks, I will take a look! Books may mostly be a waste of time, but at least they are cheap!

I'm reading a Minervini book, based on the critical comments in that other thread. :D Not that it has anything to do with options.

Doesn't move the needle on a big portfolio...unless you scale up...which you (smartly) seem reluctant to do...leaving you back where you started. Unless I am missing something?

Karen the supertrader and the OP. :D

Yeah the premiums look awfully cheap now. Any idea what kind of DTE Taleb's puts were?

Interesting. I was not trading the PMCC during the March 2020 crash, so I could not track the liquidity of the long leg. I personally buy the LEAP at 80 delta +/- and my "crash" plan is to sell it when it approaches 50 delta (max extrinsic value) and sit on the sidelines. But I cannot say...

Wow, I am dumb, I did not see the strike of his intended short call. When he said “LEAP” I was thinking a deep ITM (80 delta) call, not a deep OTM (15 delta) call. (Is that still a LEAP?). A $25 premium on $720 shares seems like a rounding error to me. Why even bother? I’d be way more...

Please explain if you have the time and inclination. (Not a rhetorical request at all)

Yeah, no actual hedge in selling CCs...i guess you just have to aggressively sell and roll on the way down, but youre still stuck with the shares. I vastly prefer the poor man's covered call for this reason...

In short, no I havent! I do cherrypick tasks that I can handle and that have good bang for the buck. Right now contractors are charging outlandish rates, so your effective hourly wage is pretty good. I got bids on a simple painting job for $4500 and this wouldve been a 15-20 hour job for...

Others have said it I'm sure, but sell covered calls to hedge instead of buying puts. Use time decay to your advtantage

A key component of the covered call strategy is leveraging time decay in your favor. Selling very long dated calls defeats that purpose. That said, your approach neatly reduces your net delta on the TSLA shares. But unless you're holding the shares for tax reasons, why cut off all the upside...

The average investor is blindly bullish...and it works in the long term. Blind bears go broke in the long term

Buy a junk house every two years. Occupy as your primary residence. Fix and flip and you pay no capital gains tax. I've made far more money doing this than I have in appreciation on my financial assets.

With a bit of wordsmithing this could be high poetry :D

Sell monthly covered calls on a utility. Take DUK for instance. Sideways for last 5 years. 3.6 percent yield. Monthly 30 delta calls will net you about 0.8 percent per month. Seems like you could pretty reliably get to 12 percent per year